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How Much Does a New Jersey Residential Mortgage Broker or Lender Bond Cost?
A New Jersey residential mortgage broker or lender bond can start as low as $1,500. This cost is based on a bond requirement of $150,000 for the first $50 million in closed loan volume, increasing to $300,000 for loan volumes over $100 million.
While these bonds are high, you only pay a fraction of the total. Bond premiums cost between 1% to 10% of the amount. Factors like your credit score, liquid and fixed assets and professional credentials can significantly impact the size of your bond premium. Here’s a table outlining how the cost of one bond premium can change based on your credit.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
New Jersey Residential Mortgage Broker or Lender Bond |
$150,000 |
$1,500 - $4,500 |
$4,500 - $7,500 |
$7,500 - $15,000 |
How to Get a Residential Mortgage Broker or Lender Bond in New Jersey
1. Apply for Your Bond
Setting up your residential mortgage broker license bond takes just a few minutes. We simplify the process—just fill out some basic information on our online bonding form, and we'll handle the rest.
We recently assisted Lisa, a new mortgage broker in Trenton, with getting bonded. She was initially confused by the licensing process, but we quickly answered her questions about the quote, allowing her to finalize her purchase smoothly. She appreciated how quick and simple we made the bonding process.
2. Receive a Bond Quote
With most applications, we can give you the best premium quote possible within a matter of minutes. However, in some more complex situations, the quote can take up to 24 or 48 hours to process.
3. Pay the Premium
Once you receive your quote, you can pay the premium and receive your bond. Because mortgage broker bonds are based on loans from the previous year, they’re typically valid for up to one year. You can also receive a mailed copy, if requested.
We aim to make setting up your new bond hassle-free. For assistance from our bond experts, please contact us or call us at (877) 514-5146.
Mortgage Broker Bond Requirements in New Jersey
New Jersey Department of Banking and Insurance oversees mortgage business licensing. Anyone applying for an initial license as a mortgage lender or broker must obtain a surety bond of $150,000, which covers the first $50,000,000 in closed loan volume. After submitting each annual report, a mortgage lender or broker must, if necessary, increase the surety bond amount based on the following closed loan volumes and provide proof to the Department within 30 days of the report submission.
|
Closed Loan Origination Amount |
Bond Amount |
|
0 to $50,000,000 |
$150,000 |
|
$50,000,001 to $75,000,000 |
$200,000 |
|
$75,000,001 to $100,000,000 |
$250,000 |
|
$100,000,001 or more |
$300,000 |
If you have questions about how to get a mortgage broker license in New Jersey, our bond experts are happy to assist you.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
